ZH: Teamsters Pension Plan FUBAR
I’m sure it’s the only one.
Just like there’s no problem at all with those rock-solid public pension plans.
Teresa has a plan!
like white water indicates the presence of a fatal reef. The reef: a gigantic Ponzi called the Stock “Market”, which is being daily monetized by the Third National Bank (alias “Federal Reserve”). When the dollar dies, so dies the SM, and so die all the pension funds – public and private – invested therein. And it’ll happen a lot sooner than 10 years from now
If you don’t get paid up front, you probably aren’t getting paid.
“Unfunded liability” = fraud.
Why I would take the big lump sum Powerball and pay the one-time tax: no need to trust the FRB to preserve my wealth over a long period. Then get out of the paper chase and be “actually rich”. Ha ha ha, Powerball!
If you don’t hold it, you don’t own it.
Dollars turning to dust pretty quick now. Tiny bungalow in 97215 neighborhood offered for $476K, but much vacancy in hundreds of new expensive for childless-forever-Millenial (freakin’ tiny parkingless apt’s) rentals in the same neighborhood. Homeless campers on lawn legal from 9pm to 7am, no street parking, “temporary” ten-cent/gal gas tax to remove lanes from city arterial streets! New Mayor elected by 6% of registered voters in May election. My annual house tax has increased to 8% of the purchase price of the house in 1988. No fluoride in the muni-water. Best City in USA? Bumpersticker: “make Portland great again.” That would be with 30% fewer humans, imho.
More thievery by the fed.gov. This idea has been floating around the District of Criminals now for at least 3 years. In fact, when I first read this shit, I waited about 5 months then closed my IRA and paid the frickin’ penalty the following year in taxes. Then I took the money from my “retirement” accounts and invested in precious metals, IN MY SAFE, not some business somewhere. If you don’t have it in your hand you don’t own it. So they can talk all they want about taking IRAs and 401ks… I don’t have any of those and never will again. Now to get more of my bank savings into PM or something that WILL have value during hard times. That hoe didn’t cost too much last month, but who knows if you’ll even be able to find one down the road.
Not a word about Goldman Sachs & the others that looted the half they were assigned (by the gov.) to manage.
This is going to slow down the wealth transfer from a lot of retirees to the casinos.
The game of musical chairs will just lose another chair before the music starts again. Which chair will be next to go before the entire floor gives way under all the dead weight just standing around? Not in my lifetime, they say. Eh, who cares. That’ll happen tomorrow or the next day or never.
Until then they live like there’s no tomorrow thinking “As long as I get mine” and screwing the next generation in the process. Jam “Freebird” into the 8-track in the Corvette Stingray, throw on the gold chain and head out for another night on the town. Sleep it off until noon the next day. Repeat.
Goobermint employees did not suffer during 07/08 depression kick off. They continued merrily along while the rest of the country took it in the a$$. People are suffering and fed up with this shit. The average CONgress person (and i use that term very loosely indeed) increased their net worth 16-17% from ’07 to ’13 while the average american family lost ONE THIRD of their net worth. ONE FUCKING THIRD. The traitors achieved this lofty return by acting like the true monetary whores they are and all the while kowtowing to an altar of burning baby parts.
Is there a righteous God? You betcha and when he rolls in to Gommorah on the Potomac the deer herd will rejoice because salt licks will be springing up everywhere.
Answer me this, “Saint” Teresa for your “Shared Wealth” rescue plan:
I worked in the auto industry back when it truly was “The Big Three.” The UAW union had a stranglehold on ’em then. Six figure annual incomes for guys and gals with (at best) minimal double-digit IQs. Their “jobs” were “press these two ‘effing green buttons on this machine all day,” or “Sweep up these metal chips on the floor.” Six figure incomes with all that OT.
A lot of them had ample “break” time to either peddle drugs on the shop floor or even do “tricks” for cash in their loaded vans in the parking lots during breaks. A few skilled tradesmen had “side” businesses in addition to “just showing up” in the plants and getting paid. Many had their “wimmen” working the tool cribs. Six figure incomes x 2. And guess what? THEY WERE PERPETUALLY BROKE! BUSTED! NO BREAD!
Yep! Pissed away all their money on all manner of delights. Fat paychecks on Friday–broke on Monday. Wash, rinse, repeat. But, when I’d ask these denizens: “Ain’t you worried ’bout retirement? Got anything saved up?”
‘HELL NO!” was their universal chorus. “WE GOTS THE BIG UNION PENSION WAITING FOR US! NO USE SAVING MONEY–SPEND IT ALL” and they did. Chapter 7 or 13 bankruptcy came just like clockwork–every seven years, often handed down from father to son at these nepotistic dens of corruption.
AND SO, I ask you “Saint” Teresa: “Exactly what do I get from you and gobermint stealing my funds? What’s in it for me? Really. Quid pro quo.
Will you steal or claw-back millions in paychecks doled out to the unions in days gone by for me to “Share Their Wealth?” We know the answer: NO, ‘cuz it just ain’t there….
Let it burn.
Anyone know how to get to that WSJ article without a paywall in front of it? Thanks.
Sorry. It worked last night when I posted it. Let me find a similar.
Replaced with a Forbes story stating gap is > $3T.
Cops and other assorted blackshirts, who are almost all in it for the sweet 20-year ‘public safety’ retirement need to understand: master WILL doublecross you and will do so with glee, you his devoted servant. Your fat juicy amazing defined benefit retirement plan will at first be whittled away by inflation, then finally violated with the same heartless violence that you once administered on the street.
You fail to understand that Your Betters know very well what happens when their Praetorian Guard no longer gets “paid”. And that they have made plans to insure that never happens until AFTER they disappear to THEIR North American Redoubt or their Carribean villa. THAT is why there is a push to get rid of cash. And why, even after the dollar is worth less than toilet paper, the Blue Wall will be authorized to “requisition” whatever they “need” to insure “continuity of government”, including the Only Ones, of course. Smaller pig sties may go defunct, but the one protecting the TRUE Elite will outlast you.
I am afraid Mr. Matis is on to something. The corrupt elite will do anything to hang on to power. And, if you have a majority of white, flag-waving, Greenwood-listening,clueless useful idiots in your community, they will go right along with it.
the smaller sties will go defunct, but into that power vacuum will arise some type of “collective authority”. In RAWLES’ first tome: PATRIOTS, it was some hack who had been a county commissioner somewhere. The vast majority of Sheeple will clamor for some kind of Messiah. When Germany was on the economic ropes after WWI, Adolf gave them hope. As Twain said: History doesn’t repeat, but it often rhymes.” Look for a lot of little Hitlers popping up. And, I am not referring to Mr. Trump.
I am a regular at an early retirement extreme site that many there stress being self responsible for their retirement and many are relying on a pension for a large part of their retirement. These people are in complete denial that it’s very likely they will get 50% or less of their pension given the debt problems of nearly everything, everywhere.
“Thanks for coming to Forbes. Please turn off your ad blocker in order to continue. To thank you for doing so, we’re happy to present you with an ad-light experience.”
Sheesh. Thanks for trying. 🙂
I’ve shown these news articles to many of my nearly retired friends, every single one has said it can’t happen to him, since he has a very solid Brand X gov’t plan, not like those listed.
Oh well, reality is a bitch, and a helluva learning curve.
“The corrupt elite will do anything to hang on to power.”
Of course – that is the whole point of having power, to wield it forever.
Let’s see … brass, lead, silver, aluminum, cast iron, flint, steel, nickel-cadmium, nickel-metal hydride, steel, structural sheet metal, more brass, more lead, magnesium, iron, …
That’s IT, crash the pensions and watch the Ignition of the Civil Restoration crank it ON.
Reblogged this on ETC., ETC., & ETC..
Unfortunately government employees, including public safety, have ONE thought in their little heads: their own sweet FAT asses and their juicy early retirement….It’s going to be ORGASMIC watching them get hoist on the same bankers’ petard as everyone else. Oh happy day!
We don’t all fit your scenario. I paid into it for 35 years. They’re stealing my money. If they do go to the casino, so what? It’s their money, not yours to worry about. You’ve got zero skin in the game. My pension money also supports my 99 year old mother. I don’t have the money to blow. You don’t know wtf you’re talking about. If you ever have any money I hope they steal yours, too.
Hold on boys, do you not recall lil Timmy Guitner raiding the Federal Retired Service fund, like four years ago. Then lil Timmy left for private industry, we got Jack Lew, and guess what he hit the same federal group the next year for even more.
Turns out that the President, and the SecTreasury are the Only two people in the world who can raid that federal retirement fund for cause.
We lost 190k several years ago. Had like 90k left. I pulled it, paid the taxes, and purchased gold and silver, for physical possession. Bottom line is this.
If you,don’t physically hold your money, you,don’t own it. Nobody will ever manage my money ever again. Fuckem all.
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